Retail & Commercial

Banks and credit unions in California plan to participate in a new working group that will focus on the cannabis industry's lack of access to the mainstream financial system, according to state officials.

Plaza Bank in Seattle has promoted its chief lending officer to become CEO. The $65 million-asset bank said in a press release Monday that Michael Anderson also succeeded Michael Clabby as president on Nov. 23.

Alliance Data Systems, a Texas-based card issuer, has scrapped plans to let rewards points expire after customers north of the border revolted.

Three fund managers and two advisory firms have soured on PrivateBancorp's planned sale to CIBC, raising the possibility that investors could nix the deal. What would happen next is anyone's guess.

Union Bankshares in Richmond, Va., has sold $150 million in subordinated notes. The $8.2 billion-asset company said in a press release Monday that the notes will initially bear an annual fixed interest rate of 5%.

Nearly a decade after he was forced to resign as CEO of Commerce Bank in Cherry Hill, N.J., the retail banking innovator was named chairman at Republic First Bancorp, which has adopted many of Commerce's practices.

Deutsche Bank has hired two executives to fill newly created positions meant to foster development of fintech products.

While the designation of the retired neuroscientist Ben Carson to run the Department of Housing and Urban Development appears to be an unusual choice, lenders are hoping he can bring a fresh perspective to the industry.

President-elect Trump faces legal questions over his idea to hold remittances ransom to fund a wall in Mexico, but the industry should take the threat seriously.

Mobile could become the one-stop shop that banking companies never quite achieved, blending basic banking, wealth management and other services, if efforts like those underway at Citigroup's fintech unit succeed.